A company's stock has a beta of 0.75. The company has 1,600,000 shares outstanding that sell for $30.50 each. Assume the corporate tax rate is 25%, the market risk premium is 8.5%, and the risk-free rate is 2.5%. What is the companys market value of equity?

Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit any commas and the $ sign in your response. For example, an answer of $1,000.50 should be entered as 1000.50.